We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Midwestone Finl Grp. (MM) | NASDAQ:OSKY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.60 | 0 | 01:00:00 |
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
Iowa
|
42-1003699
|
September 30,
|
December
31,
|
||||||
2007
|
2006
|
||||||
(dollars
in thousands)
|
(unaudited)
|
||||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
12,426
|
$
|
20,279
|
|||
Interest-bearing
deposits in banks
|
629
|
447
|
|||||
Cash
and cash equivalents
|
13,055
|
20,726
|
|||||
Investment
securities:
|
|||||||
Available
for sale at fair value
|
76,613
|
70,743
|
|||||
Held
to maturity (fair value of $10,818 as of September 30, 2007 and
$12,168 as
of December 31, 2006)
|
10,865
|
12,220
|
|||||
Loans
|
533,361
|
503,832
|
|||||
Allowance
for loan losses
|
(5,299
|
)
|
(5,693
|
)
|
|||
Net
loans
|
528,062
|
498,139
|
|||||
Loan
pool participations
|
90,757
|
98,885
|
|||||
Premises
and equipment, net
|
13,544
|
12,327
|
|||||
Accrued
interest receivable
|
8,596
|
6,587
|
|||||
Goodwill
|
13,405
|
13,405
|
|||||
Other
intangible assets, net
|
938
|
1,128
|
|||||
Bank-owned
life insurance
|
8,014
|
7,798
|
|||||
Other
real estate owned
|
1,579
|
188
|
|||||
Other
assets
|
3,459
|
2,765
|
|||||
Total
assets
|
$
|
768,887
|
$
|
744,911
|
|||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
Deposits:
|
|||||||
Demand
|
$
|
49,451
|
$
|
64,291
|
|||
Interest-bearing
checking
|
64,375
|
65,482
|
|||||
Savings
|
103,886
|
101,443
|
|||||
Certificates
of deposit
|
340,550
|
329,399
|
|||||
Total
deposits
|
558,262
|
560,615
|
|||||
Federal
funds purchased
|
18,545
|
465
|
|||||
Federal
Home Loan Bank advances
|
90,600
|
99,100
|
|||||
Notes
payable
|
2,500
|
4,050
|
|||||
Long-term
debt
|
25,774
|
10,310
|
|||||
Accrued
interest payable
|
3,828
|
2,804
|
|||||
Other
liabilities
|
4,799
|
5,034
|
|||||
Total
liabilities
|
704,308
|
682,378
|
|||||
Shareholders'
equity:
|
|||||||
Common
stock, $5 par value; authorized 20,000,000 shares; issued 4,912,849
shares
as of September 30, 2007 and December 31, 2006
|
24,564
|
24,564
|
|||||
Capital
surplus
|
13,206
|
13,076
|
|||||
Treasury
stock at cost, 1,213,574 shares as of September 30, 2007, and
1,197,418
shares as of December 31, 2006
|
(17,514
|
)
|
(17,099
|
)
|
|||
Retained
earnings
|
44,459
|
42,447
|
|||||
Accumulated
other comprehensive loss
|
(136
|
)
|
(455
|
)
|
|||
Total
shareholders' equity
|
64,579
|
62,533
|
|||||
Total
liabilities and shareholders' equity
|
$
|
768,887
|
$
|
744,911
|
(unaudited)
|
Quarter
Ended
|
Nine
Months Ended
|
|||||||||||
(dollars
in thousands, except per share amounts)
|
September
30,
|
September
30,
|
|||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Interest
income:
|
|||||||||||||
Interest
and fees on loans
|
$
|
9,912
|
$
|
8,716
|
$
|
28,849
|
$
|
24,828
|
|||||
Interest
and discount on loan pool participations
|
1,818
|
2,342
|
6,134
|
7,134
|
|||||||||
Interest
on bank deposits
|
14
|
7
|
29
|
22
|
|||||||||
Interest
on federal funds sold
|
-
|
-
|
61
|
3
|
|||||||||
Interest
on investment securities:
|
|||||||||||||
Available
for sale
|
853
|
740
|
2,412
|
2,063
|
|||||||||
Held
to maturity
|
113
|
121
|
350
|
368
|
|||||||||
Total
interest income
|
12,710
|
11,926
|
37,835
|
34,418
|
|||||||||
Interest
expense:
|
|||||||||||||
Interest
on deposits:
|
|||||||||||||
Interest-bearing
checking
|
82
|
85
|
249
|
263
|
|||||||||
Savings
|
740
|
808
|
2,136
|
2,005
|
|||||||||
Certificates
of deposit
|
4,193
|
3,061
|
12,271
|
8,315
|
|||||||||
Interest
on federal funds purchased
|
243
|
148
|
340
|
393
|
|||||||||
Interest
on Federal Home Loan Bank advances
|
1,066
|
1,192
|
3,444
|
3,183
|
|||||||||
Interest
on notes payable
|
97
|
92
|
266
|
286
|
|||||||||
Interest
on long-term debt
|
272
|
244
|
747
|
689
|
|||||||||
Total
interest expense
|
6,693
|
5,630
|
19,453
|
15,134
|
|||||||||
Net
interest income
|
6,017
|
6,296
|
18,382
|
19,284
|
|||||||||
Provision
for loan losses
|
163
|
90
|
739
|
90
|
|||||||||
Net
interest income after provision for loan losses
|
5,854
|
6,206
|
17,643
|
19,194
|
|||||||||
Noninterest
income:
|
|||||||||||||
Deposit
service charges
|
575
|
516
|
1,562
|
1,576
|
|||||||||
Other
customer service charges and fees
|
208
|
133
|
604
|
446
|
|||||||||
Brokerage
commissions
|
187
|
224
|
614
|
763
|
|||||||||
Insurance
commissions
|
179
|
170
|
566
|
555
|
|||||||||
Data
processing income
|
61
|
55
|
180
|
164
|
|||||||||
Mortgage
origination fees
|
127
|
148
|
440
|
394
|
|||||||||
Bank-owned
life insurance income
|
89
|
84
|
258
|
244
|
|||||||||
Other
operating income
|
53
|
82
|
269
|
437
|
|||||||||
(Loss)
gain on sale of available for sale securities
|
-
|
(86
|
)
|
49
|
(212
|
)
|
|||||||
Total
noninterest income
|
1,479
|
1,326
|
4,542
|
4,367
|
|||||||||
Noninterest
expense:
|
|||||||||||||
Salaries
and employee benefits
|
3,310
|
3,259
|
9,774
|
9,387
|
|||||||||
Net
occupancy expense
|
874
|
887
|
2,626
|
2,626
|
|||||||||
Professional
fees
|
183
|
143
|
749
|
483
|
|||||||||
Data
processing expense
|
103
|
108
|
296
|
338
|
|||||||||
Other
intangible asset amortization
|
63
|
67
|
190
|
222
|
|||||||||
Other
operating expense
|
899
|
926
|
2,754
|
2,983
|
|||||||||
Total
noninterest expense
|
5,432
|
5,390
|
16,389
|
16,039
|
|||||||||
Income
before income tax expense
|
1,901
|
2,142
|
5,796
|
7,522
|
|||||||||
Income
tax expense
|
653
|
696
|
1,786
|
2,502
|
|||||||||
Net
income
|
$
|
1,248
|
$
|
1,446
|
$
|
4,010
|
$
|
5,020
|
|||||
Earnings
per common share - basic
|
$
|
0.34
|
$
|
0.40
|
$
|
1.08
|
$
|
1.36
|
|||||
Earnings
per common share - diluted
|
$
|
0.34
|
$
|
0.38
|
$
|
1.07
|
$
|
1.33
|
|||||
Dividends
per common share
|
$
|
0.18
|
$
|
0.18
|
$
|
0.54
|
$
|
0.53
|
(unaudited)
|
Quarter
Ended
|
Nine
Months Ended
|
|||||||||||
(in
thousands)
|
September
30,
|
September
30,
|
|||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Net
income
|
$
|
1,248
|
$
|
1,446
|
$
|
4,010
|
$
|
5,020
|
|||||
Other
comprehensive income:
|
|||||||||||||
Unrealized
gains on securities available for sale:
|
|||||||||||||
Unrealized
holding gains arising during the period, net of tax
|
581
|
641
|
351
|
115
|
|||||||||
Reclassification
adjustment for net losses (gains) included in net income, net
of
tax
|
-
|
54
|
(32
|
)
|
133
|
||||||||
Other
comprehensive income, net of tax
|
581
|
695
|
319
|
248
|
|||||||||
Comprehensive
income
|
$
|
1,829
|
$
|
2,141
|
$
|
4,329
|
$
|
5,268
|
Accumulated
|
|||||||||||||||||||
Other
|
|||||||||||||||||||
(unaudited)
|
Common
|
Capital
|
Treasury
|
Retained
|
Comprehensive
|
||||||||||||||
(in thousands, except per share amounts)
|
Stock
|
Surplus
|
Stock
|
Earnings
|
Loss
|
Total
|
|||||||||||||
Balance
at December 31, 2005
|
$
|
24,564
|
12,886
|
(16,951
|
)
|
38,630
|
(743
|
)
|
58,386
|
||||||||||
Comprehensive income: | |||||||||||||||||||
Net
income
|
-
|
-
|
-
|
5,020
|
-
|
5,020
|
|||||||||||||
Unrealized
gains arising during the period on securities available for
sale
|
-
|
-
|
-
|
-
|
115
|
115
|
|||||||||||||
Reclassification
for realized losses on securities available for sale, net of
tax
|
-
|
-
|
-
|
-
|
133
|
133
|
|||||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
5,020
|
248
|
5,268
|
|||||||||||||
Dividends
paid ($.53 per share)
|
-
|
-
|
-
|
(1,960
|
)
|
-
|
(1,960
|
)
|
|||||||||||
Stock-based
compensation
|
-
|
79
|
112
|
-
|
-
|
191
|
|||||||||||||
Stock
options exercised (31,179 shares)
|
-
|
(13
|
)
|
440
|
-
|
-
|
427
|
||||||||||||
Treasury
stock purchased (65,500 shares)
|
-
|
-
|
(1,268
|
)
|
-
|
-
|
(1,268
|
)
|
|||||||||||
Balance
at September 30, 2006
|
$
|
24,564
|
12,952
|
(17,667
|
)
|
41,690
|
(495
|
)
|
61,044
|
||||||||||
Balance
at December 31, 2006
|
$
|
24,564
|
13,076
|
(17,099
|
)
|
42,447
|
(455
|
)
|
62,533
|
||||||||||
Comprehensive
income:
|
|||||||||||||||||||
Net
income
|
-
|
-
|
-
|
4,010
|
-
|
4,010
|
|||||||||||||
Unrealized
gains arising during the period on securities available for
sale
|
-
|
-
|
-
|
-
|
351
|
351
|
|||||||||||||
Reclassification
adjustment for realized gains on securities available for sale,
net of tax
|
-
|
-
|
-
|
-
|
(32
|
)
|
(32
|
)
|
|||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
4,010
|
319
|
4,329
|
|||||||||||||
Dividends
paid ($.54 per share)
|
-
|
-
|
-
|
(1,998
|
)
|
-
|
(1,998
|
)
|
|||||||||||
Stock-based
compensation
|
-
|
152
|
(1
|
)
|
-
|
-
|
151
|
||||||||||||
Stock
options exercised (28,944 shares)
|
-
|
(22
|
)
|
415
|
-
|
-
|
393
|
||||||||||||
Treasury
stock purchased (45,000 shares)
|
-
|
-
|
(829
|
)
|
-
|
-
|
(829
|
)
|
|||||||||||
Balance
at September 30, 2007
|
$
|
24,564
|
13,206
|
(17,514
|
)
|
44,459
|
(136
|
)
|
64,579
|
(unaudited)
|
Nine
Months Ended
|
||||||
(dollars
in thousands)
|
September
30,
|
||||||
2007
|
2006
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
4,010
|
$
|
5,020
|
|||
Adjustments
to reconcile net income to net cash
provided by operating
activities:
|
|||||||
Depreciation
and amortization
|
1,368
|
1,433
|
|||||
Provision
for loan losses
|
739
|
90
|
|||||
(Gain)
loss on sale of available for sale investment securities
|
(49
|
)
|
212
|
||||
Stock-based
compensation
|
151
|
191
|
|||||
Excess
tax benefits related to stock options
|
(31
|
)
|
(24
|
)
|
|||
Amortization
of investment securities and loan premiums
|
155
|
278
|
|||||
Accretion
of investment securities and loan discounts
|
(76
|
)
|
(63
|
)
|
|||
Increase
in other assets
|
(4,507
|
)
|
(899
|
)
|
|||
Increase
in other liabilities
|
789
|
937
|
|||||
Net
cash provided by operating activities
|
2,549
|
7,175
|
|||||
Cash
flows from investing activities:
|
|||||||
Investment
securities available for sale:
|
|||||||
Proceeds
from sales
|
238
|
10,414
|
|||||
Proceeds
from maturities
|
13,677
|
11,873
|
|||||
Purchases
|
(19,337
|
)
|
(19,636
|
)
|
|||
Investment
securities held to maturity:
|
|||||||
Proceeds
from maturities
|
1,343
|
726
|
|||||
Net
increase in loans
|
(30,612
|
)
|
(55,026
|
)
|
|||
Purchases
of loan pool participations
|
(23,310
|
)
|
(21,150
|
)
|
|||
Principal
recovery on loan pool participations
|
31,438
|
32,270
|
|||||
Purchases
of premises and equipment
|
(2,395
|
)
|
(1,898
|
)
|
|||
Net
cash used in investing activities
|
(28,958
|
)
|
(42,427
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Net
(decrease) increase in deposits
|
(2,353
|
)
|
19,287
|
||||
Net
increase in federal funds purchased
|
18,080
|
1,430
|
|||||
Federal
Home Loan Bank advances
|
16,000
|
101,000
|
|||||
Repayment
of Federal Home Loan Bank advances
|
(24,500
|
)
|
(81,000
|
)
|
|||
Advances
on notes payable
|
1,500
|
450
|
|||||
Principal
payments on notes payable
|
(3,050
|
)
|
(2,000
|
)
|
|||
Advances
on long-term debt
|
15,464
|
-
|
|||||
Excess
tax benefits related to stock options
|
31
|
24
|
|||||
Dividends
paid
|
(1,998
|
)
|
(1,960
|
)
|
|||
Proceeds
from exercise of stock options
|
393
|
427
|
|||||
Purchases
of treasury stock
|
(829
|
)
|
(1,268
|
)
|
|||
Net
cash provided by financing activities
|
18,738
|
36,390
|
|||||
Net
(decrease) increase in cash and cash equivalents
|
(7,671
|
)
|
1,138
|
||||
Cash
and cash equivalents at beginning of period
|
20,726
|
13,520
|
|||||
Cash
and cash equivalents at end of period
|
$
|
13,055
|
$
|
14,658
|
|||
Supplemental
disclosures of cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
18,429
|
$
|
14,049
|
|||
Income
taxes
|
$
|
2,110
|
$
|
3,287
|
1. |
Basis
of Presentation
|
2. |
Consolidated
Statements of Cash Flows
|
3. |
Income
Taxes
|
4. |
Earnings
Per Common Share
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Earnings
per Share Information:
|
|||||||||||||
Weighted
average number of shares
outstanding
during the period
|
3,695,517
|
3,687,039
|
3,701,675
|
3,698,547
|
|||||||||
Weighted
average number of shares
outstanding
during the period including all dilutive potential
shares
|
3,725,766
|
3,757,822
|
3,736,747
|
3,767,844
|
|||||||||
Net
earnings
|
$
|
1,248,000
|
$
|
1,446,000
|
$
|
4,010,000
|
$
|
5,020,000
|
|||||
Earnings
per share - basic
|
$
|
.34
|
$
|
.40
|
$
|
1.08
|
$
|
1.36
|
|||||
Earnings
per share - diluted
|
$
|
.34
|
$
|
.38
|
$
|
1.07
|
$
|
1.33
|
5. |
Effect
of New Financial Accounting
Standards
|
6. |
Use
of Estimates in the Preparation of Financial
Statements
|
7. |
Reclassifications
|
8.
|
Announced
Merger
|
Three Months Ended September 30,
|
|||||||
2007
|
2006
|
||||||
Net
Income
|
$
|
1,248,000
|
$
|
1,446,000
|
|||
Average
Assets
|
752,382,000
|
703,619,000
|
|||||
Average
Shareholders’ Equity
|
63,857,000
|
60,464,000
|
|||||
Return
on Average Assets
|
.66
|
%
|
.82
|
%
|
|||
Return
on Average Equity
|
7.76
|
%
|
9.49
|
%
|
|||
Equity
to Assets (end of period)
|
8.40
|
%
|
8.49
|
%
|
Quarter
ended September 30,
|
|||||||||||||||||||
(in
thousands)
|
2007
|
2006
|
|||||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||
Average
earning assets:
|
|||||||||||||||||||
Loans
|
529,348
|
9,951
|
7.46
|
%
|
482,838
|
8,757
|
7.20
|
%
|
|||||||||||
Loan
pool participations
|
81,022
|
1,818
|
8.90
|
%
|
89,153
|
2,342
|
10.42
|
%
|
|||||||||||
Interest-bearing
deposits
|
725
|
14
|
7.50
|
%
|
684
|
7
|
3.65
|
%
|
|||||||||||
Investment
securities:
|
|||||||||||||||||||
Available
for sale
|
74,957
|
972
|
5.15
|
%
|
69,038
|
801
|
4.61
|
%
|
|||||||||||
Held
to maurity
|
11,056
|
169
|
6.05
|
%
|
12,245
|
181
|
5.86
|
%
|
|||||||||||
Total
earning assets
|
697,108
|
12,924
|
7.36
|
%
|
653,958
|
12,088
|
7.33
|
%
|
|||||||||||
Average
interest-bearing liabilities:
|
|||||||||||||||||||
Interest-bearing
demand deposits
|
60,121
|
82
|
0.54
|
%
|
62,623
|
85
|
0.54
|
%
|
|||||||||||
Savings
deposits
|
106,407
|
740
|
2.76
|
%
|
115,981
|
808
|
2.76
|
%
|
|||||||||||
Certificates
of deposit
|
340,693
|
4,193
|
4.88
|
%
|
290,376
|
3,061
|
4.18
|
%
|
|||||||||||
Federal
funds purchased
|
18,461
|
243
|
5.25
|
%
|
11,061
|
148
|
5.33
|
%
|
|||||||||||
Federal
Home Loan Bank advances
|
85,089
|
1,066
|
4.97
|
%
|
96,314
|
1,192
|
4.91
|
%
|
|||||||||||
Notes
payable
|
4,939
|
97
|
7.76
|
%
|
4,550
|
92
|
7.98
|
%
|
|||||||||||
Long-term
debt
|
12,159
|
272
|
8.89
|
%
|
10,310
|
244
|
9.38
|
%
|
|||||||||||
Total
interest-bearing liabilities
|
627,869
|
6,693
|
4.23
|
%
|
591,215
|
5,630
|
3.78
|
%
|
|||||||||||
Net
interest income / interest spread
|
6,231
|
3.13
|
%
|
6,458
|
3.55
|
%
|
|||||||||||||
Net
interest margin
|
3.55
|
%
|
3.92
|
%
|
Nine Months Ended September 30,
|
|||||||
2007
|
2006
|
||||||
Net
Income
|
$
|
4,010,000
|
$
|
5,020,000
|
|||
Average
Assets
|
747,881,000
|
689,438,000
|
|||||
Average
Shareholders’ Equity
|
63,203,000
|
60,004,000
|
|||||
Return
on Average Assets
|
.72
|
%
|
.97
|
%
|
|||
8.48
|
%
|
11.19
|
%
|
||||
Equity
to Assets (end of period)
|
8.40
|
%
|
8.49
|
%
|
Nine
months ended September 30,
|
|||||||||||||||||||
(in
thousands)
|
2007
|
2006
|
|||||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||
Average
earning assets:
|
|||||||||||||||||||
Loans
|
519,382
|
28,968
|
7.46
|
%
|
463,877
|
24,943
|
7.19
|
%
|
|||||||||||
Loan
pool participations
|
87,273
|
6,134
|
9.40
|
%
|
91,816
|
7,134
|
10.39
|
%
|
|||||||||||
Interest-bearing
deposits
|
603
|
29
|
6.40
|
%
|
570
|
22
|
5.06
|
%
|
|||||||||||
Investment
securities:
|
|||||||||||||||||||
Available
for sale
|
73,373
|
2,728
|
4.97
|
%
|
69,089
|
2,206
|
4.27
|
%
|
|||||||||||
Held
to maurity
|
11,605
|
521
|
6.00
|
%
|
12,607
|
548
|
5.81
|
%
|
|||||||||||
Federal
funds sold
|
1,582
|
61
|
5.13
|
%
|
115
|
3
|
3.69
|
%
|
|||||||||||
Total
earning assets
|
693,818
|
38,441
|
7.41
|
%
|
638,074
|
34,856
|
7.30
|
%
|
|||||||||||
Average
interest-bearing liabilities:
|
|||||||||||||||||||
Interest-bearing
demand deposits
|
64,399
|
249
|
0.52
|
%
|
63,351
|
263
|
0.55
|
%
|
|||||||||||
Savings
deposits
|
105,627
|
2,136
|
2.70
|
%
|
113,770
|
2,005
|
2.36
|
%
|
|||||||||||
Certificates
of deposit
|
339,112
|
12,271
|
4.84
|
%
|
282,371
|
8,315
|
3.94
|
%
|
|||||||||||
Federal
funds purchased
|
8,493
|
340
|
5.37
|
%
|
9,935
|
393
|
5.29
|
%
|
|||||||||||
Federal
Home Loan Bank advances
|
92,155
|
3,444
|
5.00
|
%
|
89,348
|
3,183
|
4.76
|
%
|
|||||||||||
Notes
payable
|
4,502
|
266
|
7.90
|
%
|
5,068
|
286
|
7.53
|
%
|
|||||||||||
Long-term
debt
|
10,933
|
747
|
9.14
|
%
|
10,310
|
689
|
8.94
|
%
|
|||||||||||
Total
interest-bearing liabilities
|
625,221
|
19,453
|
4.16
|
%
|
574,153
|
15,134
|
3.52
|
%
|
|||||||||||
Net
interest income / interest spread
|
18,988
|
3.25
|
%
|
19,722
|
3.78
|
%
|
|||||||||||||
Net
interest margin
|
3.66
|
%
|
4.13
|
%
|
Gross
|
Unamortized
|
|||||||||
Carrying
|
Accumulated
|
Intangible
|
||||||||
Amount
|
Amortization
|
Assets
|
||||||||
(in
thousands)
|
||||||||||
September
30, 2007
|
||||||||||
Other
intangible assets:
|
||||||||||
Core
deposit premium
|
$
|
3,281
|
2,832
|
449
|
||||||
Customer
list intangible
|
$
|
786
|
297
|
489
|
||||||
Total
|
$
|
4,067
|
$
|
3,129
|
$
|
938
|
||||
December
31, 2006
|
||||||||||
Other
intangible assets:
|
||||||||||
Core
deposit premium
|
$
|
3,281
|
2,716
|
565
|
||||||
Customer
list intangible
|
$
|
786
|
223
|
563
|
||||||
Total
|
$
|
4,067
|
$
|
2,939
|
$
|
1,128
|
Core
|
Customer
|
|||||||||
Deposit
|
List
|
|||||||||
Premium
|
Intangible
|
Totals
|
||||||||
(in
thousands)
|
||||||||||
Three
months ending December 31, 2007
|
$
|
39
|
23
|
62
|
||||||
Year
ended December 31,
|
||||||||||
2008
|
156
|
87
|
243
|
|||||||
2009
|
127
|
79
|
206
|
|||||||
2010
|
41
|
71
|
112
|
|||||||
2011
|
41
|
62
|
103
|
|||||||
2012
|
41
|
54
|
95
|
|||||||
Thereafter
|
4
|
113
|
117
|
September 30,
|
December 31,
|
||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Impaired
loans and leases:
|
|||||||
Nonaccrual
|
$
|
2,300
|
727
|
||||
Restructured
|
-
|
2,014
|
|||||
Total
impaired loans and leases
|
2,300
|
2,741
|
|||||
Loans
and leases past due 90 days and more
|
2,328
|
3,060
|
|||||
Total
nonperforming loans
|
4,628
|
5,801
|
|||||
Other
real estate owned
|
1,579
|
188
|
|||||
Total
nonperforming assets
|
$
|
6,207
|
5,989
|
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Balance
at beginning of year
|
$
|
5,693
|
5,011
|
||||
Provision
for loan losses
|
739
|
90
|
|||||
Recoveries
on loans previously charged off
|
28
|
1,057
|
|||||
Loans
charged off
|
(1,161
|
)
|
(389
|
)
|
|||
Balance
at end of period
|
$
|
5,299
|
5,769
|
(a)
Total
|
(c) Total Number of
|
(d) Maximum Number (or
|
|||||||||||
Number of
|
Shares (or Units)
|
Approximate Dollar Value) of
|
|||||||||||
Shares (or
|
(b)
Average
|
Purchased as Part of
|
Shares (or Units) that May Yet
|
||||||||||
Units)
|
Price Paid per
|
Publicly Announced
|
Be Purchased Under the Plans
|
||||||||||
Period
|
Purchased
|
Share (or Unit)
|
Plans or Programs
|
or Programs
|
|||||||||
July
2007
|
-
|
$
|
-
|
-
|
$
|
1,170,200
|
|||||||
August
2007
|
-
|
-
|
-
|
1,170,200
|
|||||||||
September
2007
|
-
|
-
|
-
|
$
|
1,170,200
|
||||||||
Total
|
-
|
$
|
-
|
-
|
(a) |
The
following exhibits and financial statement schedules are filed
as part of
this report:
|
Exhibits
|
||
2
|
Agreement
and Plan of Merger between MidWestOne Financial Group, Inc. and ISB
Financial Corp. dated September 11, 2007. This Agreement and Plan
of
Merger is hereby incorporated by reference to the Form 8-K filed
by the
Company on September 12, 2007.
|
|
3.1
|
Articles
of Incorporation, as amended through April 30, 1998, of Mahaska Investment
Company. The Articles of Incorporation, as amended, of Mahaska Investment
Company are incorporated by reference to the Company’s quarterly report on
Form 10-Q for the quarter ended September 30, 1998.
|
|
3.1.1
|
Amendment
to the Articles of Incorporation of Mahaska Investment Company changing
the name of the corporation to MidWestOne Financial Group, Inc. The
Amendment to the Articles of Incorporation of Mahaska Investment
Company
are incorporated by reference to the Company’s quarterly report on Form
10-Q for the quarter ended June 30, 2003.
|
|
3.2
|
Bylaws
of MidWestOne Financial Group, Inc. (f/k/a Mahaska Investment Company).
The Amended and Restated Bylaws of Mahaska Investment Company dated
July
23, 1998, are incorporated by reference to the Company’s quarterly report
on Form 10-Q for the Quarter ended September 30, 1998.
|
|
11
|
Computation
of Per Share Earnings.
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a - 14(a) of the Securities
Exchange Act of 1934.
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a - 14(a) of the Securities
Exchange Act of 1934.
|
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Rule
13a - 14(a) of the Securities Exchange Act of 1934 and 18 U.S.C.,
Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of
2002.
|
(Registrant)
|
|
By:
|
/s/
Charles S. Howard
|
Charles
S. Howard
|
|
Chairman, President, Chief Executive Officer
|
|
November
13, 2007
|
|
Dated
|
|
By:
|
/s/
David A. Meinert
|
David
A. Meinert
|
|
Executive Vice President
|
|
and Chief Financial Officer
|
|
(Principal Accounting Officer)
|
|
November
13, 2007
|
|
1 Year Midwestone Finl Grp. (MM) Chart |
1 Month Midwestone Finl Grp. (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions